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Reading: Donald Trump Fails to Secure $464 Million Bond in New York Fraud Case
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PhotoNews Pakistan > Top News > Donald Trump Fails to Secure $464 Million Bond in New York Fraud Case
Top NewsWorld

Donald Trump Fails to Secure $464 Million Bond in New York Fraud Case

Web Desk
By Web Desk Published March 19, 2024 2 Min Read
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Donald Trump. Photo: Erin Schaff (Getty Images)
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Former US President Donald Trump faces challenges securing a private company willing to underwrite the $464 million (£365 million) bond required following a civil judgment related to fraud charges in New York state.

As reported by the BBC, Trump is compelled to either pay the full amount in cash or secure a bond to proceed with an appeal. On the final day of the trial, Trump’s legal representatives said obtaining a bond of such magnitude was practically impossible.

Trump lawyers say getting $464m bond in fraud case an 'impossibility' https://t.co/rmMzlprTBA

— BBC News (World) (@BBCWorld) March 18, 2024

Trump’s search for bonding companies capable of covering this amount has been unsuccessful, as revealed in a legal document submitted to the court.

Donald Trump's efforts to secure a bond to cover a $454 million judgment in a New York civil fraud case was rejected by 30 surety companies, his lawyers said, inching him closer to the possibility of having his properties seized https://t.co/Vvayz504w2 pic.twitter.com/03CtidksG0

— Reuters (@Reuters) March 18, 2024

Donald Trump Jr., Trump’s eldest son, is also implicated in this significant financial liability. Judge Arthur Engoron imposed a three-year prohibition on their involvement in business activities within the state, citing an overvaluation of assets to secure favourable loan conditions.

Although a stay on Trump’s business restrictions was approved last month, the request to lower the bond from $300 million to $100 million was not granted.

BREAKING: CNN drops bombshell, reveals that Trump’s lawyers just told the New York appeals court overseeing the his civil fraud case that Trump “can’t find an insurance company to underwrite his bond to cover” his $454 million bond.

But it gets even WORSE for Trump…

CNN also… pic.twitter.com/GjYyKCfRpa

— Occupy Democrats (@OccupyDemocrats) March 18, 2024

Former federal prosecutor Diana Florence remarked on the rarity of imposing such severe penalties on individuals, noting they are more typically applied to corporations.

Despite Forbes estimating Trump’s net worth at around $2.6 billion, with $400 million in liquid assets, the $464 million judgment and other legal costs place him in substantial financial difficulty.

TAGGED:Donald TrumpFeatured
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